The Alberta Securities Commission has asked the Investment Dealers Association of Canada to amend a previously-issued regulatory notice regarding restricted reps.

Effective immediately, IDA firms will have no specific limit on the number of restricted reps they can employ. Restricted reps are limited to dealing with existing clients, and dealing in mutual funds only, until their 90-day training program is complete.

The ruling applies to registrants who: are transferring an existing salesperson’s registration from a mutual fund dealer to an IDA firm; have passed the Canadian Securities Course and the Conduct and Practices Handbook Examination; and, are in the 90-day/30-day training program.

http://www.ida.ca/Files/Regulation/MR_Notice/MR0235_en.pdf